Yes, the deadline for issuing a property (or maintenance) application is 12 months for married parties after a Divorce Order has taken effect (except by leave of the Court or the agreement of the other party). A party to a de facto relationships may apply for a property (and maintenance Order) only if the Application is made within 2 years after the end of the relationship. If you are outside these timelines, we recommend you obtain legal advice.
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Showing posts with label Property settlements. Show all posts
Showing posts with label Property settlements. Show all posts
Thursday, 27 March 2014
Can you make a claim for property settlement if your de facto relationship is less than 2 years?
It is possible to make a claim for a property settlement for de facto couples (including same sex couples) even if the cohabitation is for less than 2 years. You would need to have a child of the relationship or have made “substantial contributions” to any property of the parties. You would also need to demonstrate that if the Court won’t allow your case to be heard, you would suffer serious injustice.
Wednesday, 26 March 2014
What does Roll-Over Relief mean with respect to Capital Gains Tax?
Roll-over relief is available where an asset is transferred under property orders or a Financial Agreement:
1. Between spouses or
2. From a trustee or company to a spouse.
1. Between spouses or
2. From a trustee or company to a spouse.
"Roll-over relief" means the deferral of the Capital Gains Tax liability until the transferee (the person retaining the property) eventually disposes of the asset.
If I separate is there a time limit to make a claim for a property settlement?
Yes, the deadline for issuing a property (or maintenance) application is 12 months for married parties after a Divorce Order has taken effect (except by leave of the Court or the agreement of the other party). A party to a de facto relationship may apply for a property (and maintenance Order) only if the Application is made within 2 years after the end of the relationship. If you are outside these timelines, we recommend you obtain legal advice.
What happens if you are made redundant?
In these uncertain economic times it’s important to be mindful of the potential impact of a redundancy or a possible redundancy on a property settlement. It’s important to fully disclose to your lawyer if you have applied for a redundancy even if it’s after a separation. It may be relevant in the property settlement negotiations.
A redundancy payment received after separation (but before a family law settlement) and applied to a new property is likely to be “added back” into the matrimonial asset pool, so we recommend you finalise your property settlement as soon as possible after a separation.
Sunday, 24 November 2013
What to do if you’ve repartnered prior to having settled your property matters with your previous spouse.
For a variety of reasons separated spouses often do not fully settle their property matters immediately after separation. Separated spouses frequently remain as joint tenants of the former matrimonial home in an effort minimise the upheaval for their children. Separated spouses also often remain joint debtors on mortgages, credit cards and other loans as they may not have the ability to refinance or discharge the debts.
The impetus to fully separate all aspects of financial matters usually arises when one or both of the separated spouses repartner.
If you and your previous spouse still have financial ties and you are looking to repartner or have already repartnered, we suggest that you look into completing the property settlement with your previous spouse as soon as possible. During the settlement process, you should consider:
· Maintaining a separate bank account to your new partner.
· Avoiding purchasing significant assets with your new partner prior to finalising the property settlement with your previous spouse, where possible.
· If you do decide to purchase assets with your new partner prior to finalising the property settlement with your previous spouse, or you have already purchased property together, then you should maintain a clear record of the capital and non-financial contributions you and your new partner are making towards these assets.
You and your partner need to consult a lawyer about making wills and other estate planning matters as soon as possible. At Nevett Ford, we have lawyers who may assist you in estate planning and family law matters.
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